All Forum Posts by: Frank S.

Frank S. has started 105 posts and replied 853 times.

Hi there

Continuing with some research in Chicago.

Do we have to always default to the 30 day termination even if we want to cancel sooner, let's say 3 days or a week?

This also involves return of security deposit and no other fees. There is no need to charge move out fees, no concerns for vacancy, etc.

is this a legitimate way to terminate this contract and move on?

Thanks,

Frank

0 Votes

Chicago, Illinois

All, Thanks for the feedback. I paid the security deposit for a place I'm renting temporarily. After checking my records, I realized it was cashed.

I wasn't given a W2, however. I was simply curious if this was an allowed bypass to the CRTLO.

I don't take security deposits, I charge a processing fee equal to 1/2 month's rent.

Curry

0 Votes

Chicago, Illinois

The Chicago Ordinance is very strict as it relates to security deposits for non-owner occupied properties. Many, request move-in fees instead.

What happens when a check used for the deposit is not cashed? Is that a violation of the ordinance or a trick to avoid getting in trouble with the law.

0 Votes

Chicago, Illinois

Originally posted by @Sam Lee:

did you end up buying?

******

Yes, we bought remote rentals instead of house hacking. We will deconvert a two flat unit as our home and have the remote rentals help defer the cost. That's still going on.

How fun is to read one of my early posts! Gosh, several things happened since then.

During this journey, we met extraordinary people (and a few horrible ones), but this was a very positive experience.

Cash flow and appreciation is nice, setting up the systems was hard, the rehabs were brutal, we enjoy it. I will like to get a few more, the market is not cooperating in Chicago.

2 Votes

Originally posted by @Theresa Harris:

@Frank S. Why would you let your tenant sublease the unit? Tell them to break the lease and find a new tenant.

That's a better option for both.

0 Votes

Chicago, Illinois

Originally posted by @Mark Ainley:

@Frank S. Most sublease topics/laws can be put to rest when you agree to allow the tenant out of there lease so long as they are responsible for any commission, turnover repairs, and rent until the day the new tenant moves in.

The home does need to be vacant to inspect for a section 8 tenant and the process can take up to 60 days so you might want to share the facts of the process if the current tenant is on the hook for the rent until new tenant moves in.

If you want I can share with you are breaking lease policy that we created in 2009 when we had so many people up and leaving across country for jobs because they were scarce at the time. Our policy lines up a win/win/win for tenant, owner, and us as the management company.

Hi Mark,

I would appreciate a copy of the document at sanchez.frank.f. at gmail.com. Thanks for the offer

The vacancy requirements are considerable.

0 Votes

Chicago, Illinois